The Organizer, a magazine affiliated with the Rashtriya Swayamsevak Sangh (RSS), has demanded cryptocurrency The digital currency sees unprecedented growth around the world in the form of regulations in the country.
A recent opinion piece in the Journal stated that while currency was originally intended to facilitate transactions, cryptocurrencies were seen more as an ‘asset class’ containing storage value rather than a medium of exchange. “This is currently due to regulatory gaps. Recent developments suggest that the time has come to fill this gap at the earliest,” said the article by Bharatiya Janata Party spokesperson Gopal Krishna Agarwal.
He cited media reports to claim that the cryptocurrency market in India is currently valued at $1.4 billion with around 8 million people invested. He said the regulation would help neutralize the panic in the market.
“The entire ecosystem is operating in an unregulated regime, nor illegal, leading to speculation in the markets that the government is ready to ban them at any point in the near future. Investors and intermediaries remain in an uncertain environment and Work in live-in concern, leading to excessive speculation,” the article said.
In a recent interview, Finance Minister Nirmala Sitharaman had said that she cannot and should not shut down new technologies, but in the case of cryptocurrencies, there were many unresolved issues. He said that the government was in consultation and took the Reserve Bank of India’s view in formulating policies for cryptocurrency market operations in India.
There have also been reports about the RBI’s plan to introduce its own digital currency.
In the past several central banks, including the RBI, had raised concerns over the possibility of illegal money infiltration due to centralization of operations.
However, Agarwal also supported the blockchain technology used in cryptocurrencies in his opinion and said that its proper integration with digital currencies can help revolutionize the trading ecosystem in India. “There is no doubt that these currencies are beneficial, but the question is choice – private currencies or digital currencies promoted by central banks.”
The requisite Cryptocurrencies and Official Digital Currencies Regulation Bill, 2021 could help breakthrough technology adoption and strike the right balance between transparency and financial stability, the article said.
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